Securities fraud, is a deceptive practice in the stock or commodities markets. Typically this practice entices investors to make sale or purchases on the basis of false information. This information frequently results in losses and is in violation of securities laws. Offers of high risk investment opportunities to those who are unable to adequately evaluate risk, is the main problem. We found the following article interesting. Even government officials are no stranger to corruption. Using their power to financially benefit from others is rampant in today’s society.
The former mayor of Campbell entered a guilty plea Thursday in Federal Court. George Krinos pleaded guilty to charges of securities fraud and failure to pay and collect taxes.
Krinos was accused of using his Boardman based investment firm to defraud investors of nearly $1.2 million through stock sales and other investments.
According to court documents, Krinos raised more than $1 million through the sale of stock and other notes through his Boardman-based investment firm Krinos Holdings, claiming the fundS would help start-up businesses and create as many as 40,000 jobs.
Instead, investigators said Krinos spent tens of thousands on personal expenses.
It was also found that over the course of approximately two years, Krinos improperly withheld and kept approximately $91,495 of his employees’ tax contributions from the IRS. read full article here
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